A crypto pundit and Bitcoin maximalist, Mark Harvey, has defined why he believes the foremost cryptocurrency Bitcoin, is much off from its true potential. According to him, the crypto token may very well be price near $17 million sooner or later.
Why One Bitcoin Could Worth $17 Million
In a put up shared on his X (previously Twitter) platform, Harvey made a powerful case for Bitcoin on why it may on why a worth even higher than $17 million is probably going. He referred to Bitcoin’s use case as a retailer of worth and the way it may additional chop into the market share of different asset courses. He famous Bitcoin’s “tremendous upside” regardless of being a relative newcomer.
Bitcoin is claimed to have 0.1% of the $871 trillion that are invested in international belongings. Other international belongings that maintain a considerable market share embrace gold and silver, bonds, equities, actual property, and fiat cash. Harvey believes that Bitcoin’s worth may rally considerably because the foremost cryptocurrency turns into the most most well-liked possibility for folks to protect their cash.
Source: X
Harvey acknowledged that the financial premium of these international belongings highlights how a lot they’re used as a retailer of worth. The crypto pundit asserts that Bitcoin has the potential to seize the financial premiums of different asset courses, which might see its worth rise to $17 million with a market cap of $356.7 trillion.
Source: X
In his opinion, that is very possible as a result of Bitcoin is a “superior form of property.” If it does occur, the crypto token may additionally find yourself capturing 41% of the $871 trillion in international belongings. Harvey additionally supplied a extra possible state of affairs as to Bitcoin’s future worth. He famous that the crypto token may nonetheless rise to as excessive as $415,000 per token if it captures 1% of worldwide belongings.
Source: X
Is BTC Superior To Other Asset Classes?
Harvey labeled Bitcoin as a “superior form of property,” and there may be proof to again up this assertion. As highlighted by the Director of Global Macro at Fidelity Investments, Jurrien Timmer, Bitcoin stands out compared to different asset courses.
Source: Fidelity Investments
According to knowledge from Fidelity, the flagship cryptocurrency supplied the most effective risk-reward with a 58% return from 2020 to this yr. In phrases of drawdowns and rallies, Bitcoin additionally stood out with an 84% achieve from its 2-year low.
Meanwhile, a latest report by Glassnode famous that Bitcoin continues to steer as one of many best-performing international belongings, with a achieve of over 140% yr thus far (YTD). Specifically, Bitcoin has greater than doubled in relation to Gold.
BTC worth stays above $43,000 | Source: BTCUSD on Tradingview.com
Featured picture from Coin Culture, chart from Tradingview.com